Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from John Baliotti – FTN Equity Capital markets.
John Baliotti - FTN Equity Capital Markets
Obviously the current environment is laid it out there is not much I would ask about that right now. But I was just thinking if you look at your full year somewhere in the 12% segment margin range if you go back to 2004 sort of at the bottom of everything, it looks like you're running about 2 to maybe 250 basis points higher and you mentioned that you just invested the last of your original SPX businesses.
And I'm just wondering, how do you look – if you think over the next five years or so just the next year or two years what do you think the growth profile is going to look like going forward versus what it was when you took over in 2004, 2005?
Chris Kearney
Well, well if you look, John, as I mentioned in my opening comments at our average growth over the four year period between 2005 and what we've experienced globally in this recession in 2009, the growth was steady and it was impressive and we were still moving along toward divesting the non-core businesses.
So as I indicated, we're absolutely convinced that we have moved the company in the right direction strategically. We're in the right businesses. We're in the right end markets. We're increasing our presence in those developing markets around the world where we think there is significant opportunity for growth in those three core end markets.
And so I think, while this year has been difficult I think the difficult decisions that we have made in terms of our focused restructuring effort, go a long way to permanently improving the structure of the company and sharpening our focus in those areas so that as we recover from this recession that we're in right now I think frankly the company is going to be even better positioned.
I think as we look forward we're going to look for opportunities to strategically expand those businesses from opportunities that give us an expanded product offering or that give us a more significant presence in some of those attractive developing markets.
And as the economy recovers, I think the established markets in Europe and the United States have a much better dynamic for the replacement market which has been most of the early hit I think in 2009. So I think in terms of how I see us going forward, as I've said you know many times in response to similar questions on this call and in investor conferences, I think what you see is a larger more significance version of what we've created over the last four years.
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